What is Offer In Compromise and When It is Right Option for You? | Nationwide Tax Consulting

According to a statement from Nationwide Tax Consulting, Offer in Compromise a way to settle your depth to IRS and it allows taxpayers to pay the less amount than the IRS claims they owe. It's common to resolve tax debts in manner but an offer in compromise is the single particular manner for discharging the tax debt.

There are numerous situations where making an offer in compromise to the IRS makes sense. Sometimes, taxpayers are not in the situation to pay the tax amount owed to IRS due to running in financial problems and this means that accounts are in currently not collectible status.

Most often taxpayers submit an offer in compromise to the IRS stating that they are not able to pay the tax amount they owed and the IRS will evaluate the taxpayer's financial circumstances and will analyze the taxpayer's assets, liability, wages, and expenses.

The IRS will not directly accept the offer in compromise especially when they have the ability to collect the tax through other means.

Sometimes, there are circumstances when IRS is wrong about the tax one owes as sometimes taxpayer may owe less or maybe nothing at all. In such a situation, taxpayers may offer an offer in compromise and it doesn't matter if the taxpayer is willing to pay tax or not. 

Such cases may hinge upon disagreement of the law or disagreement of the amount owed and through an offer in compromise, taxpayer and IRS can settle what the taxpayer actually owes. 

It's always a right decision to have advice from professionals of Nationwide Tax Consulting explain the suitable consequence regarding an offer in compromise.

In case of any queries, feel free to drop in the comment box and we will write you back as quickly time allows.

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